Federal Financial Aid Refund Policy

Federal financial aid funds will be reduced according to Federal Title IV Regulations. The reduction will be in direct proportion, beginning with federal loans, to the length of time a student remains enrolled, up to 60% of the enrollment period. Federal Financial Aid (TitleIV) consists of the following: William D. Ford Direct Subsidized and Unsubsidized Loans, Perkins Loan, William D. Ford Direct Parent Loan for Undergraduate Students (PLUS), Pell, SEOG, TEACH, and Iraq/Afghanistan Service Grants. The number of calendar days used to determine the percentage of unearned federal aid will vary with each semester.

For a Fall 2014 Title IV Refund Schedule, click here. For information about the order of priority for Title IV returns, click here.

Please take the time to review the Office of Scholarships & Financial Aid's Withdrawal From All Classes - Things to Consider information.

  



Example

BE ADVISED THAT IF YOU PROCESS A TOTAL WITHDRAWAL, YOU COULD OWE THE UNIVERSITY MONEY

 

Account Before Withdrawal
Total Cost to Attend $2,000.00
Total Federal Aid -$1,000.00
Personal Payment: -$1,000.00
Balance Due: $0.00

You withdraw on the 63rd calendar day -- One semester = 110 calendar days

Student has earned 57% of federal aid (63/110). Student has not earned 43% of federal aid, therefore, it must be returned to the Title IV Programs. The amount returned is $430 ($1,000 X 43% = $430)

Account After Withdrawal
Total Cost to Attend $2,000.00
Total Federal Aid -$1,000.00
Personal Payment -$1,000
Federal Aid Returned + $430
Balance You Owe Ferris $430*

BE ADVISED THAT IF YOU PROCESS A TOTAL WITHDRAWAL, YOU COULD OWE THE UNIVERSITY MONEY

Refunding Federal and Non-Federal Financial Aid
If you have federal financial aid funds and other types of financial aid, your account will be credited according to the Ferris State University's Tuition and Housing Refund Policy. Federal financial aid funds will be paid back first according to the aforementioned Federal Financial Aid Refund Policy. If there is still a credit on your account, the amount of the credit will then be used to return funds to the remaining financial aid programs until the credit has been reduced to zero.
Refunding Non-Federal Financial Aid
If you have financial aid other than federal financial aid funds, your account will be credited according to Ferris State University's Tuition and Housing Refund Policy. The amount of the credit on your account will be refunded back to the financial aid programs. After the financial aid programs have been repaid and if there were personal payments by you, any credit remaining will be refunded to you.
Refunding Non-Financial Aid
For the non-financial aid student, your account will be credited according to the Ferris State University's Tuition and Housing Refund Policy and the credit on the account will be refunded directly to you.

NOTE: The refund schedule may change without notice to comply with Federal Regulations